Farmers use group crop insurance to manage various risks associated with growing crops. Such risks include loss caused by weather, hail, drought, frost damage, insects, or disease, for instance. Certain group crop insurance policies only pay in the event that a loss reduces an average yield or average revenue of a particular geographic area (e.g., a county), as opposed to the loss of yield or revenue of an individual grower. Individualized crop insurance policies protect against a particular grower's risk of growing crops. Hybrid crop insurance policies are crop protection schemes that may provide a combination of protection against individualized risk and group risk. There is a need for an insurer (or reinsurer) to estimate the risk associated with various types of crop insurance policies, and hence, the premiums or rates corresponding to the level of risk assumed.